In the Region

Marsh & McLennan to pay settlement

Ohio and New Jersey have reached a $400 million settlement in a class-action investor lawsuit against insurance broker Marsh & McLennan Cos. The suit was in response to an alleged scheme to steer business to certain insurance carriers in exchange for kickbacks. New Jersey's share of the settlement is yet to be determined. Marsh & McLennan denied it made any false or misleading statements or otherwise violated federal securities laws, denied liability, and denied that plaintiffs were damaged. - AP

Loss for one bank, order for another

Royal Bancshares of Pennsylvania Inc., Narberth, reported a loss of $4.37 million in the third quarter, an improvement over last year's loss of $11.82 million caused largely by a $14 million loss on impaired securities. In Bala Cynwyd, Allegiance Bank of North America said it consented to a cease-and-desist order from the Federal Deposit Insurance Corp. The bank said it had already undertaken most of the measures required by the order. - Harold Brubaker

Union authorizes hospital strike

Members of SEIU Healthcare Pennsylvania voted Thursday to authorize a strike Dec. 2-4 at Pottstown Memorial Medical Center. The union, which represents more than 250 technologists, technicians, licensed practical nurses, nursing assistants, secretaries, and maintenance workers, accused the hospital of engaging in unfair labor practices and has filed a complaint with the National Labor Relations Board, the union said. In a news release, the union said the hospital's chief negotiator did not show up for the last three bargaining sessions. In a statement, hospital spokeswoman Deb Bennis said the "hospital remains hopeful that a resolution can be reached soon." She said normal hospital services would continue if there was a strike. - Stacey Burling

J&J wins dismissal of lawsuit

Johnson & Johnson won a mid-trial dismissal of a lawsuit by a sales representative who said she was fired for blowing the whistle on the company's promotion of the antipsychotic drug Risperdal for unapproved uses. Superior Court Judge Darlene Pereksta threw out Lynn Powell's lawsuit at the end of a three-week trial in Trenton. Powell said she was fired in 2004 for protesting so-called off-label sales. Powell didn't testify at the trial, which began Oct. 27. Pereksta ruled that Powell failed to prove she engaged in whistle-blowing as defined in New Jersey's Conscientious Employee Protection Act. - Bloomberg News

Florida condo buyers sue Trump

About 30 buyers of condos at Trump Tower Tampa filed a joint lawsuit on Thursday, saying Donald J. Trump's role in the project was greatly exaggerated to induce them to buy their units. Trump attorney Alan G. Garten said the allegations were without merit. "Mr. Trump was not the developer of the project, did not enter into contracts with any of the buyers, and did not receive deposits from any of the buyers," he said in a statement. In 2006, Trump announced plans for the $300 million Trump Tower Philadelphia project proposed for Penn Street near the foot of Spring Garden Street. Late last year, that project was put on hold because of the credit crisis and worsening economy. - Suzette Parmley

Pilots ask for federal mediation

The pilot union at US Airways Group Inc. is asking for federal mediation in its negotiations with Philadelphia's dominant carrier. The parties have been negotiating a new contract since 2005. America West airline bought US Airways that year. Pilots from the two airlines still fly different planes under separate contracts. - AP

Glaxo, Astex join to develop products

GlaxoSmithKline will invest $33 million in Astex Therapeutics Ltd. in a deal in which the two British companies will jointly develop pharmaceutical products. Astex will handle initial screening and discovery of drug candidates, and Glaxo will be responsible for pre-clinical and clinic development. Astex could receive total payments from Glaxo of up to $500 million. Glaxo has major operations in this region. -Paul Schweizer

ETC gets $40M from South Korea

Environmental Tectonics Corp. said it had won a $40 million contract from South Korea to make two flight simulators for pilot training. The Southampton company makes flight and driving simulators and other devices. - Roslyn Rudolph

Elsewhere

Banks in Fla., Calif. are closed

Regulators have shut down two Florida banks and one in California, boosting to 123 the number of U.S. bank failures this year. The Federal Deposit Insurance Corp. took over Orion Bank, Naples, Fla., with about $2.7 billion in assets and $2.1 billion in deposits, and Century Bank, Sarasota, with $728 million in assets and $631 million in deposits. Iberiabank, Lafayette, La., agreed to assume all of Orion's deposits and $2.4 billion of its assets, as well as Century Bank's deposits and $706 million of its assets. The FDIC will retain the rest for sale. Pacific Coast National Bank in San Clemente, Calif., was also shut down. It had $134.4 million in assets and $130.9 million in deposits. Sunwest Bank, Tustin, Calif., agreed to assume all of Pacific Coast National Bank's deposits and essentially all of its assets. - AP

FDA finds debris in Genzyme drugs

Federal regulators have found tiny particles of trash in drugs made by Genzyme Corp., the second time this year the company has been cited for contamination issues. The Food and Drug Administration said bits of steel, rubber and fiber found in vials of drugs used to treat rare enzyme disorders could seriously harm patients. - AP